Formica Laminates (India), a subsidiary of New Zealand-based company Fletcher Building Ltd, has inked a deal of USD 6.68 million to buy business assets of Decorative Laminate Manufacturing Division of Well Pack Papers & Containers in Gujarat.
Formica Laminates (India), the Indian arm of Fletcher Building, bought the business assets included land, buildings and machinery, a company statement said.
The transaction was planned for completion at the end of this calendar year.
"The Formica brand is firmly established in India having entered the market in the 1960s," Paul Zuckerman, CEO, Fletcher Building's Laminates & Panels Division, said.
"India represents the world's largest laminate market and by establishing an HPL (high pressure laminates) manufacturing base in the region and leveraging our global capabilities, we have the opportunity to bring a new level of product technology and customer service to the Indian market," he said.
The decorative Laminate Manufacturing Division of Well Pack is a three-year-old, 26,000 SQM HPL facility located in Gujarat.
Formica Group's local Indian management team will operate the facility.